Saudi banks denies circulating anticipations on other mergers

Talat Hafiz, secretary general, Media and Banking Awareness Committee of Saudi Banks said that there is no truth about news and expectations of new possible mergers among Saudi banks except what was announced earlier, particularly the merger agreement between SABB Bank and Alawwal Bank, and the agreement of understanding to begin studying the possibility of merger between national Commercial Bank (NCB) and Riyad Bank, which still in its initial stages and with no obligations.

Hafiz denied the recent speculations that there is a potential for similar mergers among other Saudi banks outside the scope of the officially announced and that they are completely unfounded. Hafiz stressed that Saudi banks follow transparency to disclose any developments and trends of their own and would announce them at the time, calling not to pay attention to the unreliable expectations that are being circulating in media and social media, and the necessity to rely on the official sources of information.